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What legal effect does an expression of interest deposit have?

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December 27, 2014 3:48PM

Not much. You are paying someone to hold a property for a short period of time because you want to buy it. You are giving a deposit. But unless you put it in writing, the seller is under no obligation to sell to you, nor are you obligated to buy. Basically it is a tactic designed to make all parties feel that you are buying the property in hopes that they won't continue to entertain other offers.